STENCEL DEBRA NOREEN (Senior VP & General Counsel) sold 10.75K shares of SAUL CENTERS, INC. on the open market

Open‑market sale worth $604.9K. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 2 sales

STENCEL DEBRA NOREEN

Filed: 1/29/2020ACC: 0000907254-20-000006

InsiderSTENCEL DEBRA NOREENCIK 1577029

→

IssuerSAUL CENTERS, INC.CIK 907254

Officer· Senior VP & General Counsel

Since Sep 2018

-10.75K

Net shares

Net seller

$604.9K

Total sold

Open market trades

0B · 2S

Total transactions

10.75K acquired · 21.50K disposed

Non-Derivative Transactions6

Common Shares

Direct

M · Option Exercise

+4.50K

Price / share

$47.03

Trade value

$211.59K

% of position

New position

1/27/2020

0.00→4.50K

Common Shares

Direct

M · Option Exercise

+2.35K

Price / share

$51.07

Trade value

$120.07K

% of position

52.3%

1/27/2020

4.50K→6.85K

Common Shares

Direct

M · Option Exercise

+1.25K

Price / share

$49.46

Trade value

$61.83K

% of position

18.2%

1/27/2020

6.85K→8.10K

Common Shares

Direct

S · Sale

−8.10K

Price / share

$56.25

Trade value

$455.63K

% of position

New position

1/27/2020

8.10K→0.00

Common Shares

Direct

M · Option Exercise

+2.65K

Price / share

$51.07

Trade value

$135.28K

% of position

New position

1/28/2020

0.00→2.65K

Common Shares

Direct

S · Sale

−2.65K

Price / share

$56.37

Trade value

$149.32K

% of position

New position

1/28/2020

2.65K→0.00

Total

Net shares

+0.00

Net value

-$76.19K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Shares Direct	1/27/2020	M · Option Exercise	+4.50K	$47.03	$211.59K	New position	0.00	4.50K
Common Shares Direct	1/27/2020	M · Option Exercise	+2.35K	$51.07	$120.07K	52.3%	4.50K	6.85K
Common Shares Direct	1/27/2020	M · Option Exercise	+1.25K	$49.46	$61.83K	18.2%	6.85K	8.10K
Common Shares Direct	1/27/2020	S · Sale	−8.10K	$56.25	$455.63K	New position	8.10K	0.00
Common Shares Direct	1/28/2020	M · Option Exercise	+2.65K	$51.07	$135.28K	New position	0.00	2.65K
Common Shares Direct	1/28/2020	S · Sale	−2.65K	$56.37	$149.32K	New position	2.65K	0.00
Total			+0.00		-$76.19K

Derivative Transactions4

Employee Stock Option

Direct

M · Option Exercise

Converts to

Common Stock

4.50K shares

−4.50K

Strike price

47.03

Held after

0.00

Exercisable

—

1/27/2020

Employee Stock Option

Direct

M · Option Exercise

Converts to

Common Stock

2.35K shares

−2.35K

Strike price

51.07

Held after

2.65K

Exercisable

—

1/27/2020

Employee Stock Option

Direct

M · Option Exercise

Converts to

Common Stock

1.25K shares

−1.25K

Strike price

49.46

Held after

3.75K

Exercisable

—

1/27/2020

Employee Stock Option

Direct

M · Option Exercise

Converts to

Common Stock

2.65K shares

−2.65K

Strike price

51.07

Held after

0.00

Exercisable

—

1/28/2020

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option Direct	Common Stock4.50K shares	1/27/2020	M · Option Exercise	−4.50K	47.03	—	0.00
Employee Stock Option Direct	Common Stock2.35K shares	1/27/2020	M · Option Exercise	−2.35K	51.07	—	2.65K
Employee Stock Option Direct	Common Stock1.25K shares	1/27/2020	M · Option Exercise	−1.25K	49.46	—	3.75K
Employee Stock Option Direct	Common Stock2.65K shares	1/28/2020	M · Option Exercise	−2.65K	51.07	—	0.00

Non-Derivative Holdings (Post-Transaction)0

No non-derivative holdings reported

Derivative Holdings (Post-Transaction)3

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

Shares owned

Exercise price

59.41

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

Shares owned

Exercise price

55.71

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

Shares owned

Exercise price

57.74

Expiration

—

Exercise window

—

Total

Underlying

15K

Owned

15K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option Direct	Common Stock	59.41	—	—	5K	5K
Employee Stock Option Direct	Common Stock	55.71	—	—	5K	5K
Employee Stock Option Direct	Common Stock	57.74	—	—	5K	5K
Total					15K	15K